11 states seen having below trendline average corn yields.
See yield breakdown by state.
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At mid-session:
The Sept. futures corn contract is 14 cents lower at $4.94. New-crop Dec. corn futures are 4 cents lower at $4.76. The Aug. soybean futures contract is trading 29 cents lower at $13.63, new-crop Nov. soybeans are trading 36 cents lower at $12.22. Sept. wheat futures are trading 4 cents lower at $6.49 per bushel. The Dec. soymeal futures are trading $16.30 per short ton lower at $364.20, while old-crop August is down the $20.00 daily limit. Dec. soyoil futures are trading $0.24 lower at $43.87.
In the outside markets, the NYMEX crude oil is $0.09 per barrel higher, the dollar is lower and the Dow Jones Industrials are 67 points lower.
Mike North, Senior Risk Advisor for First Capital Ag, says the futures are responding to a cash collapse "Basis markets continue to collapse. Beans led the charge on Tuesday, as basis levels dropped more than a dollar from the evening before. Corn follows today, as cash bids drop 75 cents from yesterday along the river and among processors. As the southern harvest progresses, weather concerns ease, and buyers comfort with existing supplies grows, prices are in jeopardy. This will be led by old crop markets. Those spreads will be unwound and the premium in old crop prices will come into closer alignment with new crop values. It is the 'perfect storm' that grain producers have feared and buyers have hoped for."
Mike
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At the open:
The Sept. futures corn contract is 5 cents lower at $5.03. New-crop Dec. corn futures are 3 cents lower at $4.77. The Aug. soybean futures contract is trading 29 cents lower at $13.63, new-crop Nov. soybeans are trading 19 cents lower at $12.37. Sept. wheat futures are trading 2 cents lower at $6.51 per bushel. The Dec. soymeal futures are trading $7.40 per short ton lower at $373.20.
In the outside markets, the NYMEX crude oil is $0.09 per barrel higher, the dollar is higher and the Dow Jones Industrials are 22 points lower.
Mike
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At 7:50am:
USDA Weekly Export Sales Report Thursday shows wheat, soybean and soymeal beat:
Wheat= 661,400 mt vs. the trade expectations of 400,000-600,000 metric tons.
Corn= 488,000 mt vs. the trade's expectations of 600,000-950,000 mts.
Soybeans = 793,500 mt vs. the trade's expectations of between 300,000-650,000 mts.
Soybean meal= 329,600 mt vs. the trade's expectations of 35,000-150,000 metric tons.
Mike
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At 7:40am:
Early calls: Corn is seen 4-6 cents lower (old-crop), soybeans 35-40 cents lower (old-crop), and wheat 2-4 cents lower. Meanwhile, new-crop corn 2-4 cents lower and soybeans are seen 20-21 cents lower.
Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.09 per barrel higher.
Dollar=Lower.
Wall Street=Seen lower, as China's slowing economy concerns global markets. Plus, U.S. Durable Goods Report beat, but Jobless Claims edged higher.
World=Asia/Pacific stocks were lower and Europe's stocks are lower.
More in a minute,
Mike
